Russian Securities Watchdog
Suspends CAIB's License

MOSCOW -- Russia's securities watchdog has taken its first serious action against a Western investment bank, suspending the license of a subsidiary of Bank Austria's CAIB over a dispute with a client.

Federal Securities Commission spokesman Vadim Byely said Wednesday that Creditanstalt-Grant, a Russian entity controlled by CAIB, failed to provide records of its dealings with the client in a "timely and complete manner." The...